MIAMI—In what's being billed as the nation's largest pop up retail takeover, customers shopping at Las Olas Riverfront in Downtown Fort Lauderdale are in for an interesting experience. Pop Up Las Olas promises to revitalize the entertainment plaza with pop up galleries, retail brands, technology and executive incubators, cultural exhibits, community events, and emerging restaurant concepts.

Dev Motwani, president and CFO of Merrimac Ventures, one of several investors who purchased Las Olas Riverfront for $16.7 million in May 2011, is working with
real estate brokerage Prakas & Co. to lease the pop up retail space with what it calls
“aggressive, no-commitment, short-term rates.”

How aggressive? Prakas claims the lowest retail leasing rates in Broward County, ranging between $15 and $25 per square foot.

“Several cities nationwide have seen the success of the pop-up model, but Pop Up Las Olas will launch as the largest and most ambitious pop-up leasing project in the U.S., comprising more than 254,000 square feet of waterfront real estate,” says Tom Prakas, president at Prakas. “We are going to revolutionize this historic address, and affordable rates allow both emerging and established brands to get in on the ground floor.”

Bold words. But there's meat on them. Prakas is offering daily to monthly to yearly, with no commitment. The complex aims to serve as a test market for new retail, restaurant and cultural concepts, as well as extensions of existing brands.

Recently signed tenants include Rhino Doughnuts & Coffee, a new gourmet doughnut and craft coffee concept; Southern Stars, a digital media incubator; and Soles, a stylish “kicks” and apparel store encouraged to expand its existing location by the decision to convert to pop up. Newcomers to Pop Up Las Olas will join longstanding tenants Frank Theaters, Argie Grill, and Riverfront Pizza, who have proudly withstood Riverfront's ups and downs over the years.

“The strategic decision to convert Riverfront into this cutting-edge pop up concept was made to breathe life back into this important arts and entertainment district,” says Motwani. “The complex will be more accessible to locals and tourists alike, and we're looking forward to Riverfront once again being a community gathering place.”